The Board of Directors in Tomra Systems ASA has today decided to enter into a five year, bilateral, revolving bank loan agreement for the amount of NOK 500 million. The loan will be used to finance buyback of shares in TOMRA.

 

According to a decision made by the Annual General Meeting in May this year, the Board of Directors is currently authorized to buy back 10 million shares in TOMRA. So far 2,338,100 shares have been bought back. Consequently there will be an extraordinary general meeting in fourth quarter this year where the Board will ask for a new authorization to buy back 10 million additional shares.

 

The Board of Directors' decision is made in order to adjust the company's capital structure. After the loan agreement TOMRA will still have a very solid balance sheet that provides required flexibility. To further ensure financial flexibility, the Board of Directors will ask that shares bought back under the new authorization can be used in connection with financing of potential future acquisitions. Treasury shares not used for this purpose will thus be deleted at a later point in time.

 

Potential questions can be directed to CEO Amund Skarholt at +47 97559425.

 

Asker, 14 September 2006

Tomra Systems ASA